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BG Motor Cars owner Noman Beg was on vacation when he took a look at his bank account — and noted, with considerable alarm, that a check had been written against his account for $33,525. Problem was, he had not written that check, nor did he foresee being able to cover it alongside normal expenses in the near future.
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Alpha Health recently released results of a national survey designed to examine and assess the impact of COVID-19 on revenue cycle operations at health systems and hospitals across the U.S. The survey was fielded between May 19, 2020 and June 22, 2020 among 587 chief financial officers and revenue cycle leaders at hospitals and health systems across the United States. The survey has a confidence level of 95 percent with a margin of error of plus or minus 5 percent.
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In a summary of Mercator Advisory Group’s new Insight Summary Report, 2020 Small Business PaymentsInsights, COVID-19 and B2B Payments & Cards – The Result of the Pandemic, PaymentsJournal.com summarizes their findings.
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The “Check Clearing for the 21st Century Act,” also known as “Check 21” or “Check 21 Act,” launched on Oct. 28, 2004. Many are unaware that the terrorist attacks of Sept. 11, 2001—which grounded planes and caused major delays in check processing (preventing the transport of canceled checks to Federal Reserve banks)—was actually the event that spurred passage of Check 21.
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With the myriad of buzzwords and technologies swarming the healthcare industry, especially in revenue cycle management, it have even more difficult for many to understand and identify which technologies are the most useful for their particular business or process. Fear not, we are here to help cut through the clutter and clarify a topic that has cause much confusion: What is the difference between Robotic Process Automation (RPA) and Artificial Intelligence (AI)?
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A common misconception, especially in revenue cycle management (RCM), is that automating processes by integrating technologies like Artificial Intelligence and Machine Learning technologies will replace employees and eliminate jobs. This perception can be traced all the way back to when machines replaced labor in many manufacturing jobs like the automotive industry and is continually being fueled by the media with the story lines such as AI-powered trucks will replace truck drivers.
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By now, many of you have heard of the arguments between utilize GPU vs CPU. towardsdatascience.com provides a simple explanation on the reasoning behind the need for GPUs for machine learning:
GPUs are optimized for training artificial intelligence and deep learning models as they can process multiple computations simultaneously.
They have a large number of cores, which allows for better computation of multiple parallel processes. Additionally, computations in deep learning need to handle huge amounts of data — this makes a GPU’s memory bandwidth most suitable.
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While we mainly explore fraud and counterfeit scams from the payment side of things, it should be noted that the popularity of online shopping — particularly during the COVID-19 pandemic — has created a new breed of fraudster that creates and sells fake products. Meanwhile, Amazon is not immune from fraudsters, as reported in WIRED Magazine:
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Technology just keeps getting better and better, right? Not always. A recent survey of health IT leaders reveals that they are most often unhappy with their electronic health record (EHR) packages. Healthcare IT Today reports on a survey 108 healthcare leaders about their use of analytics platforms. It starts out with some fairly positive data:
90% of these organizations reported using the analytics in their EHRs.
Check writers and depositors have become accustomed to a next day or two day check clearing process for the majority of items. But when an extended clearing process does happen, i.e. 2-3 days, it becomes a real inconvenience, especially for millennials accustomed to instant digital payments, or for those folks who still get payroll checks. There are many other examples.
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